The temperatures have dropped across the country, and Switcher.ie, the independent price comparison and switching service, is warning consumers that they could face a hike in their energy bills as a result.
This comes as the latest Retail Markets Report from the Commission for Energy Regulation (CER) shows that the vast majority of electricity (81%) and gas (69%) customers are on standard plans, and not availing of discounted rates. This could be costing households across Ireland up to an incredible €420 million per year.
The average consumer on standard rates pays €2,060 on their gas and electricity bills every year, even though simply switching to the cheapest deals would save them up to €358[3], bringing the annual bill down to €1,700. And the savings are even higher for people with higher energy usage, like 5-person families who spend lots of time in the home. Households like this could save up to €458 per year.
Eoin Clarke, Managing Director of Switcher.ie, said: “Energy suppliers big and small continue to battle to win customers by cutting rates, launching increasingly competitive discounts, and introducing cash back offers as high as €175. Unfortunately, the continuing trend that we see through reports from the CER and our own research is that only a minority of consumers are taking advantage of these deals. As a result, vast numbers are unnecessarily paying well over the odds for their energy when there are huge savings to be made.
“We have identified three main energy user groups — low, medium and high — which are defined by the average amount of electricity and gas used in the home over the year. Depending on which user group you fall into, you could save anywhere from €237 right up to a massive €458 per year simply by switching suppliers.
